83 FR 40289 - Agency Information Collection Activities: Submission for OMB Review; Comment Request (OMB No. 3064-0195)
FEDERAL DEPOSIT INSURANCE CORPORATION Federal Register Volume 83, Issue 157 (August 14, 2018)
Federal Register Volume 83, Issue 157 (August 14, 2018)
| Page Range | 40289-40292 | |
| FR Document | 2018-17377 |
[Federal Register Volume 83, Number 157 (Tuesday, August 14, 2018)] [Notices] [Pages 40289-40292] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-17377] ----------------------------------------------------------------------- FEDERAL DEPOSIT INSURANCE CORPORATION Agency Information Collection Activities: Submission for OMB Review; Comment Request (OMB No. 3064-0195) AGENCY: Federal Deposit Insurance Corporation (FDIC). ACTION: Notice and request for comment. ----------------------------------------------------------------------- SUMMARY: The FDIC, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on the renewal of an existing information collection, as required by the Paperwork Reduction Act of 1995. The FDIC published a notice of its intent to renew the information collection described below in the Federal Register and requested comment for 60 days. FDIC received one comment which is fully discussed in the Supplementary Information section [[Page 40290]] below. No other comments were received. The FDIC hereby gives notice of its plan to submit to OMB a request to approve the renewal of this information collection, and again invites comment on the renewal. DATES: Comments must be submitted on or before September 13, 2018. ADDRESSES: Interested parties are invited to submit written comments to the FDIC by any of the following methods:Agency website: https://www.FDIC.gov/regulations/laws/federal. Email: [email protected]. Include the name and number of the collection in the subject line of the message. Mail: Manny Cabeza, Counsel, Room MB-3007, Federal Deposit Insurance Corporation, 550 17th Street NW, Washington, DC 20429. Hand Delivery: Comments may be hand-delivered to the guard station at the rear of the 17th Street Building (located on F Street), on business days between 7:00 a.m. and 5:00 p.m. All comments should refer to the relevant OMB control number. A copy of the comments may also be submitted to the OMB desk officer for the FDIC: Office of Information and Regulatory Affairs, Office of Management and Budget, New Executive Office Building, Washington, DC 20503. FOR FURTHER INFORMATION CONTACT: Manny Cabeza, Counsel, 202-898-3767, [email protected], MB-3007, Federal Deposit Insurance Corporation, 550 17th Street NW, Washington, DC 20429. SUPPLEMENTARY INFORMATION: Proposal to renew the following currently approved collection of information: 1. Title: Minimum requirements for appraisal management companies. OMB Number: 3064-0195. Form Number: None. Affected Public: Participating States and Appraisal Management Companies that are subsidiaries owned and controlled by insured depository institutions. Burden Estimate: Summary of Annual Burden ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Estimated Estimated Estimated time Total annual FDIC, FRB and Type of burden number of number of per response Frequency of response estimated OCC share FHFA share respondents responses (hours) burden hours (hours) (hours) ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ IC #1--AMC Written Notice of Record Keeping................ 9,881 1 0,08 On Occasion................ 790 237 79. Appraiser Removal from Network or Panel (323.10). IC #2--State Recordkeeping Record Keeping................ 5 1 40 On Occasion................ 200 50 50. Requirements (323.11(a) & (b). IC #3--AMC Reporting Requirements Reporting..................... 200 2 1 On Occasion................ 400 120 40. (State and Federal AMCs)(323.12 & 13(c)). IC #4--State Reporting Requirements Reporting..................... 55 1 1 On Occasion................ 55 14 14. to the Appraisal Sub Committee (323.14). ---------------------------------------------------------------------------------------------------------------------------- Total Estimated Annual Burden.. .............................. .............. .............. .............. ........................... 1,445 421 183 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ General Description of Collection: The FDIC, the Office of the Comptroller of the Currency (OCC), The Board of Governors of the Federal Reserve System (FRB) and the Federal Home Finance Agency (FHFA) (collectively, the Agencies) issued regulations to implement the requirements of section 1473 of the Dodd-Frank Wall Street Reform and Consumer Protection Act to be applied by States in the registration and supervision of appraisal management companies (AMCs). The regulations also implement the requirement in section 1473 of the Dodd-Frank Act for States to report to the Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council (FFIEC) the information required by the Appraisal Subcommittee (ASC) to administer the new national registry of appraisal management companies (AMC National Registry or Registry). The FDIC's regulation is found at 12 CFR part 323 (the Regulation) and contains the following PRA recordkeeping and reporting requirements: AMC Recordkeeping Requirements (IC #1). Section 323.10 of the Regulation provides that an appraiser in an AMC's network or panel is deemed to remain on the network or panel until: (i) The AMC sends a written notice to the appraiser removing the appraiser with an explanation; or (ii) receives a written notice from the appraiser asking to be removed or a notice of the death or incapacity of the appraiser. The AMC would retain these notices in its files. State Recordkeeping Requirements (IC #2). States seeking to register AMCs must have an AMC registration and supervision program. Section 323.11(a) of the Regulation requires each participating State to establish and maintain within its appraiser certifying and licensing agency a registration and supervision program with the legal authority and mechanisms to: (i) Review and approve or deny an application for initial registration; (ii) periodically review and renew, or deny renewal of, an AMC's registration; (iii) examine an AMC's books and records and require the submission of reports, information, and documents; (iv) verify an AMC's panel members' certifications or licenses; (v) investigate and assess potential violations of laws, regulations, or orders; (vi) discipline, suspend, terminate, or deny registration renewals of, AMCs that violate laws, regulations, or orders; and (vii) report violations of appraisal-related laws, regulations, or orders, and disciplinary and enforcement actions to the ASC. Section 323.11(b) requires each participating State to impose requirements on AMCs not regulated by a Federal financial institutions regulatory agency nor owned and [[Page 40291]] controlled by an insured depository institution to: (i) Register with and be subject to supervision by a State appraiser certifying and licensing agency in each State in which the AMC operates; (ii) use only State-certified or State-licensed appraisers for Federally-regulated transactions in conformity with any Federally-regulated transaction regulations; (iii) establish and comply with processes and controls reasonably designed to ensure that the AMC, in engaging an appraiser, selects an appraiser who is independent of the transaction and who has the requisite education, expertise, and experience necessary to competently complete the appraisal assignment for the particular market and property type; (iv) direct the appraiser to perform the assignment in accordance with the Uniform Standards of Professional Appraisal Practice; and (v) establish and comply with processes and controls reasonably designed to ensure that the AMC conducts its appraisal management services in accordance with section 129E(a)-(i) of the Truth-in-Lending Act. AMC Reporting Requirements (IC #3). Section 323.13(c) requires that a Federally-regulated AMC report to the State or States in which it operates the information required to be submitted by the State pursuant to the ASC's policies, including: (i) Information regarding the determination of the AMC National Registry fee; and (ii) the information listed in section 323.12 of the Regulation. Section 323.12 provides that an AMC may not be registered by a State or included on the AMC National Registry if such company is owned, directly or indirectly, by any person who has had an appraiser license or certificate refused, denied, cancelled, surrendered in lieu of revocation, or revoked in any State. Each person that owns more than 10 percent of an AMC is required to submit to a background investigation carried out by the State appraiser certifying and licensing agency. While section 323.12 does not authorize States to conduct background investigations of Federally-regulated AMCs, it would allow a State to do so if the Federally-regulated AMC chooses to register voluntarily with the State. State Reporting Requirements (IC #4). Section 323.14 requires that each State electing to register AMCs for purposes of permitting AMCs to provide appraisal management services relating to covered transactions in the State must submit to the ASC the information concerning such AMCs required to be submitted under the Regulation and any additional information required by the ASC. Burden Estimate Methodology and Assumptions: There is no change in the methodology or substance of this information collection. For the information collections described above, the general methodology is to compute the industry wide burden hours for States and appraisal management companies (AMCs) and then assign a share of the burden hours to each of the regulatory agencies for each information collection. The Agencies are revising their burden estimates based on the following assumptions: IC #1: AMC Written Notice of Appraiser Removal from Network or Panel. The burden for written notices of appraiser removal from a network or panel is estimated to be equal to the number of appraisers who leave the profession per year multiplied by the estimated percentage of appraisers who work for AMCs, then multiplied by burden hours per notice. The number of appraisers who leave is calculated by adding the number of appraisers who are laid off or resign to the number of appraisers that have had their licenses revoked or surrendered. The total burden hours are then split between the Federal Reserve Board (FRB), the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), and the Federal Housing Finance Agency (FHFA) in a ratio of 3:3:3:1 in accordance with the burden sharing agreement among the Agencies. Finally, the burden hours are calculated by multiplying the estimated number of written notices of appraiser removal (9,881) by the estimated burden per notice (0.08 hours) for a total of 790 burden hours.\1\ As previously mentioned, the total burden hours are then split between the FDIC, FRB, OCC, and the FHFA such that the FHFA is responsible for 79 hours and the other three agencies are responsible for 237 hours each. --------------------------------------------------------------------------- \1\ The ``per notice'' burden estimate of 0.08 hours is unchanged from the estimate provided for the currently-approved ICR. The subject matter experts at the FDIC do not believe this estimate needs to be updated for this renewal. --------------------------------------------------------------------------- IC #2: Develop and Maintain a State Licensing Program. The burden on the States for developing and maintaining an AMC licensing program is calculated by multiplying the number of states without a registration and licensing program by the hour burden to develop the system. The total burden hours are then equally divided among the FDIC, FRB, OCC, and FHFA. According to the Appraisal Institute as of July 26, 2017, there are 5 states that have not developed a system to register and oversee AMCs.\2\ The 2015 ICR estimate of the hour burden per state without a registration system was 40 hours. The FDIC does not believe this estimate needs to be updated for this renewal. Therefore, the total hour burden is 200 hours: 5 states x 40 hours/state = 200 hours. Finally, the total hour burden is divided among the four agencies such that each agency is responsible for 50 burden hours.\3\ --------------------------------------------------------------------------- \2\ Appraisal Institute ``Enacted State AMC Laws,'' https://www.appraisalinstitute.org/advocacy/enacted-state-amc-laws1/. \3\ The assumption to divide the burden hours between the agencies is based on a burden-sharing agreement among the FDIC, FRB, OCC, and FHFA. The burden hours are shared in the same ratio as the 2015 ICR. --------------------------------------------------------------------------- IC #3: AMC Reporting Requirements (State and Federal AMCs). The burden for AMC reporting requirements is calculated by multiplying the number of AMCs by the frequency of response then by the burden per response. The burden hours are then divided between the FDIC, FRB, OCC, and FHFA at a ratio of 3:3:3:1.\4\ FDIC estimates there are approximately 400 entities that provide appraisal management services as defined by section 323.9(d). Of these 400 entities, FDIC estimates approximately 200 entities meet the definition of an AMC as defined by section 323.9(c).\5\ --------------------------------------------------------------------------- \4\ Id. \5\ The FDIC anticipates more definitive information will become available when AMC registration requirements become effective on August 10, 2018. --------------------------------------------------------------------------- The frequency of response is estimated as the number of states that do not have an AMC registration program in which the average AMC operates.\6\ According to the Appraisal Institute, Five (5) states do not have AMC registration or oversight programs.\7\ According to the Consumer Financial Protection Bureau (CFPB), the average AMC operates in 19.56 states.\8\ Therefore, the average AMC operates in approximately 2 states that do not have AMC registration systems: (5 states / 55 states) x 19.56 states = 1.778 states ~ 2 states. Therefore the total hour burden for IC #3 is 400 hours: 200 AMCs x 2 states (frequency) x 1 hour = 400 hours. The burden hours are then divided such that the FDIC, FRB, and OCC are each responsible for 120 burden hours and [[Page 40292]] the FHFA is responsible for 40 burden hours.\9\ --------------------------------------------------------------------------- \6\ The number of states includes all U.S. states, territories, and districts, to include the Commonwealth of the Northern Mariana Islands, the District of Columbia, Guam, Puerto Rico, and the U.S. Virgin Islands. \7\ Appraisal Institute ``Enacted State AMC Laws,'' https://www.appraisalinstitute.org/advocacy/enacted-state-amc-laws1/ (accessed February 27, 2018). \8\ The CFPB conducted a survey of 9 AMCs in 2013 regarding the provisions in the rule and the related PRA burden. \9\ See footnote 9. --------------------------------------------------------------------------- IC #4: State Reporting Requirements to the Appraisal Subcommittee. The burden hours for State reporting to the ASC are estimated by multiplying the number of states by the hour burden per state.\10\ Then the burden hours are divided equally among the FDIC, FRB, OCC, and the FHFA. The total burden hour for state reporting is 50 hours: 55 states x 1 hour/state = 55 hours. This is then equally divided across the 4 agencies for 14 burden hours each, with rounding.\11\ --------------------------------------------------------------------------- \10\ The number of states includes all U.S. states, territories, and districts, to include the Commonwealth of the Northern Mariana Islands, the District of Columbia, Guam, Puerto Rico, and the U.S. Virgin Islands. The burden estimate of one hour per report is unchanged from the estimate provided for the currently-approved ICR. The subject matter experts at the FDIC do not believe this estimate needs to be updated for this renewal. \11\ See footnote 9. --------------------------------------------------------------------------- Comments Received: The FDIC received one comment letter from an appraisal management company trade association. In response to the request for comment on whether this collection of information is necessary for the proper performance of the functions of the FDIC, including whether the information has practical utility, the commenter agreed that this collection of information is necessary and has practical utility but ``only to the extent that the information collected serves the proper purpose to promote appraiser independence while ensuring a healthy real estate valuation market.'' This suggests that the commenter believes that the ``proper purpose'' of the collection is limited to the promotion to appraiser independence. In response to this comment, the FDIC notes that the purpose of the AMC rule and the collection is to implement all required elements of the statute, not only provisions that relate to appraiser independence.\12\ The Agencies were required to adopt regulations to implement all the statutory requirements and this collection of information is a necessary and useful component of such implementation. --------------------------------------------------------------------------- \12\ See 12 U.S.C. 3353(a) (setting minimum requirements for registration regulation in participating states); id. section 3353(d) (setting registration limitations for AMCs); and id. section 3353(e) (requiring reporting of information by AMCs to the ASC). --------------------------------------------------------------------------- In response to the request for comment on the accuracy of FDIC's estimate of the information collection burden, the commenter opines that the FDIC's estimate of the number of entities that meet the definition of an AMC under IC #3: (Reporting Requirements for State and Federal AMCs) is too low. The commenter did not offer an estimate of what the number should be and appears to agree that, as stated in footnote 5, the actual number of affected AMCs will be known once the AMC National Registry is fully operational. The commenter indicates that its members believe that the estimate of the annual burden to comply is also too low. The commenter recommends that the estimate be increased to twice the current estimate. The commenter notes that each state differs in complexity of their demands for the collection of information and not all are on the same renewal schedule. Some renew annually and some biennially, which have varying burdens for preparation and validation. The burden estimates for this collection have historically been prepared on an industry-wide basis and then allotted to each agency. The FDIC prepared the industry-wide estimates for this renewal. We invite commenters to review the analysis, which is included in our supporting statement, and comment during the 30-day comment period. In response to the request for comment on ways to enhance the quality, utility, and clarity of the information to be collected, the commenter suggested that the ASC should issue additional guidance to states and AMCs concerning the AMC minimum requirements. The goal of such guidance would be to ``provide consistency in the implementation of the regulations and information required.'' The commenter also expressed concern that wide variation of AMC requirements from state to state may have material unintended consequences on lending activity in a particular jurisdiction. The commenter's suggestions do not relate to the information collection. In addition, while Title XI and the AMC rule set minimum standards for the registration and supervision of AMCs by states, Title XI and the AMC rule expressly provide that a state may adopt requirements in addition to those contained in the AMC regulation. 12 U.S.C. 3353(b); 12 CFR 34.210(d). The FDIC will, however, refer these suggestions to the ASC for consideration. In response to the request for comments on ways to minimize the burden of the collection on respondents, including through the use of automated collection techniques or other forms of information technology, the commenter recommends that the ASC find opportunities to develop reporting efficiencies in the licensing system, which could include partnering with the Nationwide Multistate Licensing System (NMLS) or investing in a new process. Furthermore, the commenter believes the ASC should be more aggressive in supporting modernization of the outdated National Appraiser Registry (which AMCs must use to comply with the minimum requirements). FDIC notes that the commenter's suggestions do not relate to the information collection. The FDIC will, however, refer these suggestions to the ASC for consideration. Request for Comment: Comments are invited on: (a) Whether the collection of information is necessary for the proper performance of the FDIC's functions, including whether the information has practical utility; (b) the accuracy of the estimates of the burden of the information collection, including the validity of the methodology and assumptions used; (c) ways to enhance the quality, utility, and clarity of the information to be collected; and (d) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology. All comments will become a matter of public record. Dated at Washington, DC, on August 8, 2018. Federal Deposit Insurance Corporation. Robert E. Feldman, Executive Secretary. [FR Doc. 2018-17377 Filed 8-13-18; 8:45 am] BILLING CODE 6714-01-P
![Federal Register / Vol. 83, No. 157 / Tuesday, August 14, 2018 / Notices 40289
Reduction Act of 1995, invites the • Email: comments@fdic.gov. Include Deposit Insurance Corporation, 550 17th
general public and other Federal the name and number of the collection Street NW, Washington, DC 20429.
agencies to take this opportunity to in the subject line of the message. SUPPLEMENTARY INFORMATION: On May
comment on the renewal of the existing • Mail: Jennifer Jones (202–898– 24, 2018, the FDIC requested comment
information collection described below 6768), Counsel, MB–3105, Federal for 60 days on a proposal to renew the
(3064–0134). On May 24, 2018, the FDIC Deposit Insurance Corporation, 550 17th information collection described below.
requested comment for 60 days on a Street NW, Washington, DC 20429. No comments were received. The FDIC
proposal to renew the information • Hand Delivery: Comments may be hereby gives notice of its plan to submit
collection described below. No hand-delivered to the guard station at to OMB a request to approve the
comments were received. The FDIC the rear of the 17th Street Building renewal of this collection, and again
hereby gives notice of its plan to submit (located on F Street), on business days invites comment on this renewal.
to OMB a request to approve the between 7:00 a.m. and 5:00 p.m. Proposal to renew the following
renewal of this collection, and again currently approved collection of
All comments should refer to the information:
invites comment on this renewal. relevant OMB control number. A copy 1. Title: Customer Assistance Forms.
DATES: Comments must be submitted on of the comments may also be submitted OMB Number: 3064–0134.
or before September 13, 2018. to the OMB desk officer for the FDIC: Form Number: FDIC 6422/04—
Office of Information and Regulatory Customer Assistance Form; FDIC 6422/
ADDRESSES: Interested parties are Affairs, Office of Management and
invited to submit written comments to 11—Business Assistance Form; FDIC
Budget, New Executive Office Building, 6422/15—FDIC Deposit Insurance Form.
the FDIC by any of the following Washington, DC 20503. Affected Public: Individuals,
methods:
FOR FURTHER INFORMATION CONTACT: Households, Business or Financial
• Agency Website: https:// Jennifer Jones, Counsel, 202–898–6768, Institutions.
www.FDIC.gov/regulations/laws/federal. jennjones@fdic.gov, MB–3105, Federal Burden Estimate:
SUMMARY OF ANNUAL BURDEN
Total annual
Estimated Estimated Estimated
Type of Obligation Frequency of estimated
number of frequency of time per
burden to respond response burden
respondents responses response (hours)
Customer Assistance Reporting ....... Voluntary ........ 7,000 1 0.25 On Occasion .. 1,750
Form (6422/04).
Business Assistance Reporting ....... Voluntary ........ 200 1 0.25 On Occasion .. 50
Form (6422/11).
FDIC Deposit Insur- Reporting ....... Voluntary ........ 1,000 1 0.25 On Occasion .. 250
ance Form (6422/15).
Total Hourly Bur- ........................ ........................ ........................ ........................ ........................ ........................ 2,050
den.
General Description of Collection: performance of the FDIC’s functions, FEDERAL DEPOSIT INSURANCE
This collection facilitates the collection including whether the information has CORPORATION
of information from customers of practical utility; (b) the accuracy of the
financial institutions that have inquiries estimates of the burden of the Agency Information Collection
or complaints about service. Customers information collection, including the Activities: Submission for OMB
or businesses may document their validity of the methodology and Review; Comment Request (OMB No.
complaints or inquiries to the FDIC assumptions used; (c) ways to enhance 3064–0195)
using a letter or optional forms (Form the quality, utility, and clarity of the
6422/04; Form 6422/11; Form 6422/15). AGENCY: Federal Deposit Insurance
information to be collected; and (d) Corporation (FDIC).
The Forms are used to facilitate online
ways to minimize the burden of the
completion and submission of the ACTION: Notice and request for comment.
collection of information on
complaints or inquiries and to shorten
respondents, including through the use SUMMARY: The FDIC, as part of its
FDIC response times by making it easier
to identify the nature of the complaint of automated collection techniques or continuing effort to reduce paperwork
and to route the customer or business other forms of information technology. and respondent burden, invites the
inquiry to the appropriate FDIC contact. All comments will become a matter of general public and other Federal
There is no change in the method or public record. agencies to take this opportunity to
substance of the collection. The overall Dated at Washington, DC, on August 9, comment on the renewal of an existing
reduction in burden hours is the result 2018. information collection, as required by
of economic fluctuation. In particular, the Paperwork Reduction Act of 1995.
amozie on DSK3GDR082PROD with NOTICES1
Robert E. Feldman,
the number of respondents has The FDIC published a notice of its
Executive Secretary, Federal Deposit
decreased while the hours per response intent to renew the information
Insurance Corporation.
and frequency of responses have collection described below in the
[FR Doc. 2018–17402 Filed 8–13–18; 8:45 am]
remained the same. Federal Register and requested
Request for Comment: Comments are BILLING CODE 6714–01–P comment for 60 days. FDIC received one
invited on: (a) Whether the collection of comment which is fully discussed in the
information is necessary for the proper Supplementary Information section
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![40292 Federal Register / Vol. 83, No. 157 / Tuesday, August 14, 2018 / Notices
the FHFA is responsible for 40 burden Requirements for State and Federal which could include partnering with
hours.9 AMCs) is too low. The commenter did the Nationwide Multistate Licensing
IC #4: State Reporting Requirements not offer an estimate of what the number System (NMLS) or investing in a new
to the Appraisal Subcommittee. The should be and appears to agree that, as process. Furthermore, the commenter
burden hours for State reporting to the stated in footnote 5, the actual number believes the ASC should be more
ASC are estimated by multiplying the of affected AMCs will be known once aggressive in supporting modernization
number of states by the hour burden per the AMC National Registry is fully of the outdated National Appraiser
state.10 Then the burden hours are operational. Registry (which AMCs must use to
divided equally among the FDIC, FRB, The commenter indicates that its comply with the minimum
OCC, and the FHFA. The total burden members believe that the estimate of the requirements). FDIC notes that the
hour for state reporting is 50 hours: 55 annual burden to comply is also too commenter’s suggestions do not relate to
states × 1 hour/state = 55 hours. This is low. The commenter recommends that the information collection. The FDIC
then equally divided across the 4 the estimate be increased to twice the will, however, refer these suggestions to
agencies for 14 burden hours each, with current estimate. The commenter notes the ASC for consideration.
rounding.11 that each state differs in complexity of Request for Comment: Comments are
Comments Received: their demands for the collection of invited on: (a) Whether the collection of
The FDIC received one comment information and not all are on the same information is necessary for the proper
letter from an appraisal management renewal schedule. Some renew annually performance of the FDIC’s functions,
company trade association. and some biennially, which have including whether the information has
In response to the request for varying burdens for preparation and practical utility; (b) the accuracy of the
comment on whether this collection of validation. The burden estimates for this estimates of the burden of the
information is necessary for the proper collection have historically been information collection, including the
performance of the functions of the prepared on an industry-wide basis and validity of the methodology and
FDIC, including whether the then allotted to each agency. The FDIC assumptions used; (c) ways to enhance
information has practical utility, the prepared the industry-wide estimates the quality, utility, and clarity of the
commenter agreed that this collection of for this renewal. We invite commenters information to be collected; and (d)
information is necessary and has to review the analysis, which is ways to minimize the burden of the
practical utility but ‘‘only to the extent included in our supporting statement,
that the information collected serves the collection of information on
and comment during the 30-day respondents, including through the use
proper purpose to promote appraiser comment period.
independence while ensuring a healthy of automated collection techniques or
In response to the request for other forms of information technology.
real estate valuation market.’’ This comment on ways to enhance the
suggests that the commenter believes All comments will become a matter of
quality, utility, and clarity of the
that the ‘‘proper purpose’’ of the public record.
information to be collected, the
collection is limited to the promotion to commenter suggested that the ASC Dated at Washington, DC, on August 8,
appraiser independence. In response to should issue additional guidance to 2018.
this comment, the FDIC notes that the states and AMCs concerning the AMC Federal Deposit Insurance Corporation.
purpose of the AMC rule and the minimum requirements. The goal of Robert E. Feldman,
collection is to implement all required such guidance would be to ‘‘provide Executive Secretary.
elements of the statute, not only consistency in the implementation of [FR Doc. 2018–17377 Filed 8–13–18; 8:45 am]
provisions that relate to appraiser the regulations and information BILLING CODE 6714–01–P
independence.12 The Agencies were required.’’
required to adopt regulations to The commenter also expressed
implement all the statutory concern that wide variation of AMC FEDERAL RESERVE SYSTEM
requirements and this collection of requirements from state to state may
information is a necessary and useful have material unintended consequences Change in Bank Control Notices;
component of such implementation. on lending activity in a particular Acquisitions of Shares of a Bank or
In response to the request for jurisdiction. The commenter’s Bank Holding Company
comment on the accuracy of FDIC’s suggestions do not relate to the
estimate of the information collection information collection. In addition, The notificants listed below have
burden, the commenter opines that the while Title XI and the AMC rule set applied under the Change in Bank
FDIC’s estimate of the number of minimum standards for the registration Control Act (12 U.S.C. 1817(j)) and
entities that meet the definition of an and supervision of AMCs by states, Title § 225.41 of the Board’s Regulation Y (12
AMC under IC #3: (Reporting XI and the AMC rule expressly provide CFR 225.41) to acquire shares of a bank
that a state may adopt requirements in or bank holding company. The factors
9 See footnote 9. addition to those contained in the AMC that are considered in acting on the
10 The number of states includes all U.S. states, regulation. 12 U.S.C. 3353(b); 12 CFR notices are set forth in paragraph 7 of
territories, and districts, to include the
Commonwealth of the Northern Mariana Islands, 34.210(d). The FDIC will, however, refer the Act (12 U.S.C. 1817(j)(7)).
the District of Columbia, Guam, Puerto Rico, and these suggestions to the ASC for The notices are available for
the U.S. Virgin Islands. The burden estimate of one consideration. immediate inspection at the Federal
hour per report is unchanged from the estimate In response to the request for Reserve Bank indicated. The notices
provided for the currently-approved ICR. The
comments on ways to minimize the also will be available for inspection at
amozie on DSK3GDR082PROD with NOTICES1
subject matter experts at the FDIC do not believe
this estimate needs to be updated for this renewal. burden of the collection on respondents, the offices of the Board of Governors.
11 See footnote 9. including through the use of automated Interested persons may express their
12 See 12 U.S.C. 3353(a) (setting minimum collection techniques or other forms of views in writing to the Reserve Bank
requirements for registration regulation in information technology, the commenter indicated for that notice or to the offices
participating states); id. section 3353(d) (setting
registration limitations for AMCs); and id. section
recommends that the ASC find of the Board of Governors. Comments
3353(e) (requiring reporting of information by opportunities to develop reporting must be received not later than August
AMCs to the ASC). efficiencies in the licensing system, 29, 2018.
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Document Created: 2018-08-14 02:19:08
Document Modified: 2018-08-14 02:19:08
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| Action | Notice and request for comment. | |
| Dates | Comments must be submitted on or before September 13, 2018. | |
| Contact | Manny Cabeza, Counsel, 202-898-3767, [email protected], MB-3007, Federal Deposit Insurance Corporation, 550 17th Street NW, Washington, DC 20429. | |
| FR Citation | 83 FR 40289 |
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